Attached files
| file | filename |
|---|---|
| EX-5.1 - EXHIBIT 5.1 - MARKEL CORP | mkl11022017exhibit51.htm |
| EX-4.3 - EXHIBIT 4.3 - MARKEL CORP | mkl11022017exhibit43.htm |
| EX-4.2 - EXHIBIT 4.2 - MARKEL CORP | mkl11022017exhibit42.htm |
| EX-1.1 - EXHIBIT 1.1 - MARKEL CORP | mkl11022017exhibit11.htm |
| 8-K - FORM 8-K - MARKEL CORP | mkl11022017form8-k.htm |
Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | (61,649 | ) | $ | 623,901 | $ | 746,709 | $ | 454,482 | $ | 351,460 | $ | 310,127 | ||||||||||
Fixed charges | 106,978 | 143,152 | 132,927 | 131,530 | 125,661 | 102,031 | |||||||||||||||||
Earnings from continuing operations, as adjusted | $ | 45,329 | $ | 767,053 | $ | 879,636 | $ | 586,012 | $ | 477,121 | $ | 412,158 | |||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest Expense | $ | 97,013 | $ | 129,896 | $ | 118,301 | $ | 117,442 | $ | 114,004 | $ | 92,762 | |||||||||||
Portion of rental expense representative of interest | 9,965 | 13,256 | 14,626 | 14,088 | 11,657 | 9,269 | |||||||||||||||||
Fixed Charges | $ | 106,978 | $ | 143,152 | $ | 132,927 | $ | 131,530 | $ | 125,661 | $ | 102,031 | |||||||||||
Ratio of Earnings to Fixed Charges | — | 5.4 | 6.6 | 4.5 | 3.8 | 4.0 | |||||||||||||||||
Deficiency in the coverage of fixed charges by earnings before fixed charges | $ | 61,649 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Notes:
* The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.